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Oklahoma City, Oklahoma, Un...

Gardner Tanenbaum Acquires Westgate Park Residential Multifamily In Oklahoma City For $61M Loan
FINANCEDMultiFamily

Gardner Tanenbaum Acquires Westgate Park Residential Multifamily In Oklahoma City For $61M Loan

Oklahoma City, Oklahoma, United States

$61,000,000

Building Size

Asset Type

MultiFamily

Closing

Apr 1, 2023

AI

The Westgate Park Residential property located in Oklahoma City, OK has undergone a recent transaction. The property is a multifamily asset spanning across 100 acres of land. It consists of 444 units, making it a substantial investment opportunity.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $61,000,000
  • Address: Westgate Park Residential, Oklahoma City, OK
  • Market: Oklahoma City, OK
  • Landlord: Gardner Tanenbaum - Richard Tanenbaum
  • Brokers: Todd McNeill & Sunny Sajnani - IPA
  • Loan Amount: $61,000,000
  • Loan Type: Construction

Todd McNeill and Sunny Sajnani from IPA played a crucial role as brokers in facilitating this transaction. Their expertise and involvement in the deal contributed to its successful completion.

Players

Sunny Sajnani

Marcus & Millichap

Broker

$452.6M

vol

9 deals

Broker

Richard Tanenbaum

Landlord

$135.8M

vol

3 deals

Landlord

Oklahoma City MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Loan transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.26%

Cash-on-Cash

-0.07%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93